Commercial foreclosures continue to increase in Texas.
Attom Data Solutions found that commercial foreclosures across the state increased 129% year over year.
There were 55 commercial foreclosures in March 2024, according to the real estate data firm's latest research. By comparison, in March 2023 he had 24 cases.
Rising interest rates and tough lending conditions are the main factors behind the increase in defaults.
The March total is the fourth-highest in the nation, behind California (187), New York (61) and Florida (60).
Atom's research incorporates documents filed in defaults, auctions, and real estate holdings.
Like New York and Florida, Texas has seen a consistent increase in foreclosure rates over the past decade, Atom said.
Since last month, the number of commercial foreclosures in Texas has increased by 31%.
Symptoms of distress are appearing in foreclosure notices for commercial properties, particularly older Class B office buildings, across North Texas counties.
These include Dallas County properties such as Addison at 14951 Dallas Parkway and 2910 West Bend Drive in Irving.
